Market Insights Health OTC Pharmaceuticals

Sleep Aids - Ireland

Ireland

In Ireland, the revenue in the Sleep Aids market market is projected to reach US$19.43m in 2024.
The market is forecasted to experience an annual growth rate of 4.45% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, amounting to US$2,103.00m in 2024.
In terms of per person revenues, US$3.82 is generated in Ireland in 2024.
Ireland has seen a rise in the demand for natural sleep aids, with consumers increasingly seeking herbal and plant-based remedies for better sleep.

Key regions: Europe, Germany, Canada, United Kingdom, United States

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Analyst Opinion

The Sleep Aids market in Ireland has been experiencing significant growth in recent years, driven by changing customer preferences and a number of local special circumstances.

Customer preferences: Customers in Ireland are increasingly seeking out sleep aids to address their sleep-related issues. This can be attributed to several factors, including the growing awareness about the importance of sleep for overall health and well-being, as well as the rising prevalence of sleep disorders such as insomnia. Additionally, the hectic and stressful lifestyles of many Irish consumers have led to an increased demand for products that can help them relax and achieve a better night's sleep.

Trends in the market: One of the key trends in the Sleep Aids market in Ireland is the growing popularity of natural and herbal sleep aids. Many consumers are becoming more conscious of the potential side effects of pharmaceutical sleep aids and are turning to natural alternatives. This trend is in line with the global shift towards natural and organic products in various industries. As a result, there has been an increase in the availability and variety of natural sleep aids in the Irish market.Another trend in the market is the rising demand for sleep aids that cater to specific consumer needs. For example, there is a growing demand for sleep aids that are specifically designed for different age groups, such as children or the elderly. Additionally, there is a demand for sleep aids that target specific sleep disorders, such as sleep apnea or restless leg syndrome. This trend reflects the increasing awareness and understanding of sleep disorders among consumers, as well as the desire for personalized solutions.

Local special circumstances: Ireland has a high prevalence of sleep disorders, which has contributed to the growth of the Sleep Aids market. Factors such as stress, lifestyle changes, and the aging population have all contributed to the increase in sleep-related issues in the country. Furthermore, the cultural emphasis on a healthy lifestyle and overall well-being has also played a role in driving the demand for sleep aids in Ireland.

Underlying macroeconomic factors: The Sleep Aids market in Ireland has also been influenced by underlying macroeconomic factors. The country's strong economy and high disposable income levels have allowed consumers to spend more on health and wellness products, including sleep aids. Additionally, the growing trend of online shopping has made it easier for consumers to access a wide range of sleep aids, further fueling market growth.In conclusion, the Sleep Aids market in Ireland is experiencing significant growth due to changing customer preferences, including a preference for natural and personalized sleep aids. The high prevalence of sleep disorders and the cultural emphasis on well-being have also contributed to market growth. Furthermore, the country's strong economy and high disposable income levels have allowed consumers to invest in sleep aids. Overall, the Sleep Aids market in Ireland is expected to continue growing in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.